Dutch court rejects SNS bondholder appeal

26 Feb 2013

The Dutch Council of State has ruled that the government’s decision to expropriate SNS Reaal’s shareholders and subordinated debt investors was legally sound, dealing a further — although not unexpected — blow to bondholders’ hopes of compensation.

More than 400 investors — both individuals and organisations, including the Association of Shareholders, the Foundation of SNS Bondholders and the FNV (Trade Union Federation) — appealed the Dutch finance minister Jeroen Dijsselbloem’s decision to expropriate the lender’s shares and sub debt in order to help rescue ...

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